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ExxonMobil recently became the most profitable Fortune 500 company for the eighth year in a row. So why is the Ryan budget giving $40 million in taxpayer subsidies to the oil industry?
Jon Summers, a top spokesman for Senate Majority Leader Harry Reid (D-Nev.), explains the hypocrisy of the Ryan budget:
“It is ridiculous for Republicans to push a plan to kill Medicare while trying to defend taxpayer handouts to big oil companies that are making record profits. They don’t need the money. If Republicans are serious about cutting spending, they’ll support our plan to eliminate welfare for Big Oil so we can apply that money toward the deficit.”
And guess what? The average American pays more in income taxes than ExxonMobil.